"The fact that Qualcomm is looking at strong growth, that they have relatively conservative assumptions behind that growth, is promising," he added in a Reuters interview. "We're going to be lucky if semiconductors are flat next year and Qualcomm is guiding up," he said.

"How people get wireless service will shift – home routers will become a kind of tower and qualcomm will provide the chips," explained the CEO.

On November 7 Qualcomm reported fiscal year 2012 earnings per share of $3.51, up 39 percent from the year before and revenue of $19.12 billion, up 28 percent from the year before. Its fiscal year ended September 30.

Fast Money trader Guy Adami is a buyer. "It's not impervious to the tape," he said, "but if you believe current weakness is a pause in a larger bull market then this stock is in the sweet spot."

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Trader disclosure: On November 15, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders; Karen Finerman Is Long AAPL; Karen Finerman Is Long JPM; Karen Finerman Is Long WMT; Karen Finerman Is Long TGT; Karen Finerman Is Long MSFT; Karen Finerman Is Long GOOG; Karen Finerman Is Long M; Karen Finerman Is Long FL; Karen Finerman Is Long JCP; Jon Najarian Is Long AAPL; Jon Najarian Is Long TGT; Jon Najarian Is Long FB; Jon Najarian Is Long LGF; Jon Najarian Is Long RHT; Jon Najarian Is Long GRPN; Jon Najarian Is Long CCL; Jon Najarian Is Long LRCX; Jon Najarian Is Long GLOU; Jon Najarian Is Long STSI; Jon Najarian Is Long CME; Jon Najarian Is Long CBOE; Guy Adami Is Long C; Guy Adami Is Long GS; Guy Adami Is Long INTC; Guy Adami Is Long MSFT; Guy Adami Is Long AGU; Guy Adami Is Long NUE; Guy Adami Is Long BTU; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN